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Virgin Orbit negotiates with SPAC to announce $ 3 billion deal

Richard Branson’s Virgin Orbit mounts a rocket under the wings of an improved Boeing 747 jet passenger plane for keydrop testing of a high-altitude launch system for satellites from Mojave, California on July 10, 2019. depart.

Mike Break | Reuters

Virgin Orbit, satellite launch spin-off Sir Richard Branson Virgin GalacticIs undergoing advanced discussions to publish at a valuation of approximately $ 3 billion through the former-led SPAC. Goldman Sachs Partner, CNBC confirmed on Saturday.

The company is discussing a contract with NextGen Acquisition II, A person familiar with the discussion told CNBC. NextGen II is a special purpose acquisition company led by George Mattson, who previously co-led Goldman’s global industrial group.

Sky News first reported The deal will be announced in the coming weeks, he said at a meeting on Saturday. Virgin Orbit has rejected CNBC’s request for comment.

The company is a spin-off Branson’s space travel company Virgin Galactic.. Virgin Orbit Private It is from Virgin Group, Branson’s multinational conglomerate, with minority shareholders from Abu Dhabi’s sovereign wealth fund Mamoura.

The company’s first demonstration began in May 2020.

Greg Robinson | Virgin Orbit

Virgin Orbit uses the modified one Boeing 747 launch rockets. This is a method known as air-launch. Instead of launching rockets from the ground like competitors such as Rocket Lab and Astra, the company’s aircraft carry the LauncherOne rocket to an altitude of about 45,000 feet, launching the engine and dropping it just before accelerating into space. How to advertise your company as more flexible Than the ground system.

LauncherOne is designed to carry small satellites weighing up to 500 kilograms., In space. Virgin Orbit had a successful first launch in January and plans to launch a second one later this month.

Next Gen II raised $ 375 million when it completed its initial public offering in October. The funds will be used primarily to help Virgin Orbit expand its business. Virgin Orbit CEO Dan Hart told CNBC in October that the company is about to raise about $ 150 million in new capital.

Branson has released Virgin Galactic Through SPAC transactions in 2019 When Billionaire Investor Chamat Palihapitiya..

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Virgin Orbit negotiates with SPAC to announce $ 3 billion deal

Source link Virgin Orbit negotiates with SPAC to announce $ 3 billion deal

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